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I spoke to an agent last night who informed me that at the end of the $8,000 first time home buyers incentive there will be another on for $14,000 for all home buyers. He said the final word has not come down yet but they were hoping to see it anyday. Does anyone know about this and what is needed to qualify. We just bought our home 6 months ago and we hate it. I am ready to put it on the market but if there is an incentive for all home buyers coming up I am going to wait a couple of months. Does anyone know?
This is speculation at this point. Congress and the Administration are looking at extending the 8k credit or some variation of it. You'll have to wait until Congress acts. Just pay attention to the news.
First, no point in waiting for what might be a pipe-dream. Right now, the deadline is $8k for 1st time buyers. First time buyers need to know they should not wait for the hope of a larger tax credit, because it might not happen. If something were to happen, it would probably be a last minute thing, to still encourage people to get off the fence now and not wait.
Second, I've never heard the number $14k. The two numbers I've heard are $15k and $12k.
It would be great if he could get enough support to pass the bill. I'm certainly worried that the small increase we've been seeing lately in sales will peter out once the November 30th deadline passes. However, I'm not going to hold my breath.
The agent may also be talking about the Neighborhood Stabilization Funds that should be coming available soon.
The amounts vary for each area but in my county you can get up to $50,000. $20,000 towards downpayments, interest rate buydowns, etc and $30,000 towards repairs.
It has to be a primary residence and you must purchase a foreclosure but you do not need to be a first time home buyer.
I think I'm one of the few real estate agents that doesn't support extending the tax credit. While it would be helpful to me personally and my business, we have greater ills in our economy that need to get corrected.
I think I'm one of the few real estate agents that doesn't support extending the tax credit. While it would be helpful to me personally and my business, we have greater ills in our economy that need to get corrected.
I'm with you on this one Silverfall. It's akin to applying a bandaid and a little Demerol to a gunshot wound....it temporarily makes some people feel better without addressing the real and deeper problems....better known as a 'typical government fix'. Government has a history/habit of using money as a narcotic to calm certain groups, if not the masses.
I'm with you on this one Silverfall. It's akin to applying a bandaid and a little Demerol to a gunshot wound....it temporarily makes some people feel better without addressing the real and deeper problems....better known as a 'typical government fix'. Government has a history/habit of using money as a narcotic to calm certain groups, if not the masses.
Sadly, gbone, you have punished the nail with authority. Not only is this just doing more backloading of the deficit unless there is some kind of tax offset for it, but it does indeed fail, as you said, to put restrictions on the use of the instruments that caused the real estate collapse to begin with.
And it figures that Chris Dodd would be involved in this, huh (keep in mind that I'm a Democrat, so I don't like saying this, but I also fancy the truth)? Unfortunately, though, Dodd has plenty of company in the financial industry's pockets on both sides of the aisle.
Thank you so much for all the responses. They were really helpful and give us a lot to think about. I will keep watching the news and I will keep reading additional replies that come in for the question I have posted. Again, thank you all so much!
I think I'm one of the few real estate agents that doesn't support extending the tax credit. While it would be helpful to me personally and my business, we have greater ills in our economy that need to get corrected.
I know NAR is pushingthis but I'm like you. I was wondering how people felt about their tax dollars going to others for this purpose ?
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Thank You So Much
